Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State: | Rhode Island |
| Effected Jurisdiction: | Rhode Island |
Jurisdiction type: | State |
| Fiscal year ending In: | 2021 |
| Program name: | Tax Credit for Contributions Tourism development Qualified Scholarship |
| Program purpose: | Educational development |
| Statutory authority: | Rhode Island General Laws 44-62 |
| Abating jurisdiction(s): | State of Rhode Island |
| Applicable taxes: | Business Corporation Tax; Public Service Corporation Tax; Bank Tax; Bank Deposits Tax; Insurance Companies Tax; Personal Income Tax |
| Method of abatement: | Tax Credit |
| Provisions for recapture: | If the amount of the second-year contribution is less than 80% of the first-year contribution, then the credit for both the first- and second-year contributions shall equal 75% of each year's contribution. In such case, the tax administrator shall prepare the Tax Credit certificate for the second year at 75%. The difference in credit allowable for the first year (15% of the first-year contribution) shall be recaptured by adding it to the taxpayer's tax in that year. |
| Gross revenue loss: | $1,194,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $1,194,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://treasury.ri.gov/financial-reports |
